Preparing journal entry for pension plan. An aerospace manufacturer reports the following information related to its only pension plan for 2008 (amounts in millions). Pension Plan Assets, Beginning of...

Preparing journal entry for pension plan. An aerospace manufacturer reports the following information related to its only pension plan for 2008 (amounts in millions). Pension Plan Assets, Beginning of 2008. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $43,484 Plus Actual Return on Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,239 Plus Employer Contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 526 Less Benefits Paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,046) Pension Plan Assets, End of 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $46,203 Pension Plan Liability, Beginning of 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $45,183 Plus Service Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 908 Plus Interest Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,497 Less Actuarial Gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (960) Less Benefits Paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,046) Pension Plan Liability, End of 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $45,582 Service Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 908 Interest Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,497 Expected Return on Pension Plan Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,456) Amortization of Actuarial Losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,101 Net Pension Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,050 Give a single journal entry on the books of the aerospace manufacturer to recognize pension expense, the pension plan contribution, and the change in the net pension asset or net pension liability for 2008. Be sure to consider needed entries in Other Comprehensive Income, supporting the entry in this account with amounts from the disclosures above. Ignore income taxes.

May 26, 2022
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